Market Size of PET Bottles Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.80 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
PET Bottles Market Analysis
The PET bottle market is expected to register a CAGR of 6.8% over the forecast period. Adoption of PET bottles can result in up to 90% weight reduction compared to glass, primarily allowing a more economical transportation process. Due to its transparency and natural CO2 barrier properties, PET can be easily blown into bottles or molded into other shapes. Colorants, UV blockers, oxygen barriers/scavengers, and other additives can be used to enhance the properties of PET and design bottles to meet brand-specific needs.
- PET is derived from PE and offers superior stiffness compared to other plastics. It also maintains a robust protective structure and has moisture resistance. It is used in the production of PET bottles for beverages and liquids. PET is used to make single-use plastic containers for frozen foods. PET is well known because it provides a superior oil barrier that helps resist chemicals that can damage plastics.
- The emergence of polymers made from polyethylene terephthalate (PET) and high-density polyethylene (HDPE) expanded the range of applications for PET bottles. The market witnessed increased demand for PET bottles in bottled and soft water. Many innovative, cost-effective, and sustainable packaging solutions are on the market, and plastics are gaining acceptance worldwide. This led significant companies such as Amcor and more to introduce new plastic product formats to meet bottle demand.
- The food segment is one of the largest consumers of plastics. The demand for rigid plastic packaging in the food industry is high as it increasingly replaces traditional materials such as cardboard, metal, and glass due to its advantageous properties, such as lightweight and low cost. The food segment includes sauces and condiments, dairy products, pickles and syrups, jams, processed vegetables and fruits, and baby food packaging solutions. Such factors leverage PET in the food industry.
- The market is expected to be significantly challenged due to dynamic regulatory standards changes, primarily due to increasing environmental concerns. Governments worldwide have been responding to public concerns regarding plastic packaging waste, especially plastic packaging waste, and implementing regulations to minimize environmental waste and improve waste management processes.
- With the outbreak of COVID-19, the PET bottles market has witnessed a significant drop in sales owing to factors such as supply chain disruption that has slackened the demand for PET resins and lockdowns being enforced in various countries. Moreover, the Russia-Ukraine war has an impact on the overall packaging ecosystem.
